Comet Resources

Quarterly Activities Report and Appendix 5B Mar 2023

Comet Resources Limited (Comet or Company) (ASX: CRL) is pleased provide the Quarterly Activities Report and Appendix 5B for the quarter ending 31 March 2023 (the Quarter).


Further to the Company’s announcement on 5 January 2023, and withdrawal of its prospectus dated 19 October 2022 by way of a second supplementary prospectus (announced on 20 January 2023), Comet announced the execution of an amended binding share sale agreement to acquire 100% interest of the Mt Margaret Copper Project and associated regional tenements near Cloncurry, Queensland (Project or Mt Margaret) from Mount Isa Mines Limited, a wholly-owned subsidiary of Glencore Plc (Glencore) (Acquisition).

Highlights:

  • Key Transaction points remain unchanged:
    • Comet to acquire 100% of Mt Margaret Copper Project from Glencore
    • Company to raise $27m to fund acquisition and initial post-acquisition pre- development activities, with the raise including a $5m priority offer to existing Comet shareholders
    • Glencore to provide 3-year loan of $27m to Comet – substantially reducing up front dilution for Comet shareholders
  • Further improved transaction terms:
    • 49.975m options previously approved to be issued as part of the transaction will now not be issued
    • MMM1 New Shareholders, who will hold 52.3m shares, to enter into voluntary escrow agreements for 12-months following Comet’s re-listing
  • Located only 7km from key processing infrastructure at Ernest Henry, where Mt Margaret ore was previously processed into export quality copper concentrate
  • JORC open-pit Resources of 13.0Mt at 0.78% copper and 0.24g/t gold with >95% in the Measured and Indicated categories (refer to Table 1)2
  • Near-term production potential – 2 open pits already pre-stripped
  • Significant potential for Resource growth through further exploration
  • Defined high priority exploration targets – Both extensional and regional

On 24 February 2023 the Company lodged a prospectus with the Australian Securities & Investment Commission and ASX (Prospectus) for the public offer, comprising the priority offer to Shareholders and an offer to the general public, and the secondary offers as detailed in Section 4.2 of the Prospectus. On 27 April 2023 the closing date for the general offer was extended to 11 May 2023.

Table 1 – Resources with cut-off grades for E1 0.3% Cu and Monakoff 0.5% Cu, reported in accordance with the JORC Code, 2012

Corporate Activities:

On 24 February 2023 the Company lodged a Notice of General Meeting for a meeting of shareholders to be held on 27 March 2023, with all resolutions subsequently passed at that meeting.

The following options expired during the Quarter:

  • 3,112,588 options exercisable at $0.30 on 12 February 2023
  • 612,588 options exercisable at $0.50 on 12 February 2023
  • 612,588 options exercisable at $0.70 on 12 February 2023

Pursuant to Section 6 of the Appendix 5B, the Company accrued director fees, superannuation and wages to the board of Comet Resources Limited for the prior quarters and March quarter. Expenditure incurred from operating and investing activities during the Quarter relates to legal and technical due diligence in regard to project acquisitions, exploration costs and for general working capital purposes (the MAR Q Expenditure). A further breakdown is included below.


Click here for the full ASX Release

This article includes content from Comet Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

CRL:AU
The Conversation (0)
International Graphite (ASX:IG6)

International Graphite Funding Deal with Comet Resources a Win-Win, Report Says

International Graphite’s (ASX:IG6) $1.5-million funding deal with major shareholder Comet Resources (ASX:CRL) resulted in a surge in IG6’s shares on March 13. The loan agreement was undertaken to address market speculation on the security of Comet’s shares in IG6, according to a news report from The West Australian.
Keep reading...Show less
A person's hand holds a piece of copper metal ore above a blurry copper-colored background.

What's the Next US Copper Mine? 26 Copper Projects to Watch

Companies with upcoming copper mines in the US could be poised to benefit from tailwinds in the sector, including the new administration promising to cut "red tape" for critical minerals projects.

Copper demand is climbing quickly in recent years because of the rapid urbanization of the global south as well as the developing energy transition sectors. However, current copper mines are increasing in age and there is a lack of new copper mines to replace them, both due to limited greenfield exploration and long permitting times.

This has put the world's copper supply in a difficult situation, and experts expect to see deficits begin to emerge in 2025.

Keep reading...Show less
Rows of fine copper bars with text that reads '5 Top Canadian Mining Stocks This Week.'

Top 5 Canadian Mining Stocks This Week: Euro Sun Gains 54 Percent as Copper Hits New High

Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.

The US Bureau of Economic Analysis released February personal consumption expenditures (PCE) index data on Friday (March 28). The figures show inflation increased 2.5 percent on an annualized basis in February, aligning with analyst expectations and reflecting no change from the 2.5 percent recorded in January. On a monthly basis, inflation rose by 0.3 percent, also matching January’s increase.

However, core PCE, which excludes the volatile food and energy prices, increased 2.8 percent year-over-year and 0.4 percent month-over-month. Both came in above analyst expectations of 2.7 and 0.3 percent, respectively.

Keep reading...Show less
Copper nuggets and rising chart.

Copper Prices Surpass US$10,000 as US Tariff Fears Shake Global Markets

Copper prices surged past US$10,000 per metric ton on Thursday (March 20), hitting a five month high as traders scrambled to secure supply ahead of potential US tariffs on the base metal.

London Metal Exchange (LME) copper futures climbed sharply in early trading, reflecting a combination of supply constraints, rising demand and uncertainty surrounding trade policy.

US President Donald Trump has ordered a probe into the national security implications of copper imports, raising concerns that a 25 percent tariff could be imposed, similar to levies already placed on aluminum and steel.

Keep reading...Show less
Copper nuggets.

Hillgrove Accelerates Nugent Copper Deposit Development, Raises AU$16 Million

Hillgrove Resources (ASX:HGO,OTC Pink:HLGVF) said on Monday (March 17) that it is accelerating development of the Nugent deposit at its Kanmantoo copper mine after raising AU$16 million.

The company secured AU$13 million through a placement to institutional and sophisticated investors, and raised AU$3 million via a share purchase plan that was open to existing shareholders.

"Following the success of the recent excellent Nugent drilling results, our technical team have identified a path to accelerate the Nugent production profile,” said CEO and Managing Director Bob Fulker in a March 5 release.

Keep reading...Show less
The sea floor.

Kiribati Explores Deep-Sea Mining Deal with China Amid Global Regulatory Talks

Kiribati is reportedly in discussions with China to explore deep-sea mining opportunities, signaling a potential shift in its approach to tapping into its vast offshore mineral resources.

The Pacific island nation holds the exploration rights to a 75,000 square kilometer area in the Pacific Ocean, a region believed to contain valuable deposits of cobalt, nickel, and copper — key materials for the global battery industry.

The talks between Kiribati and Chinese officials come after the collapse of a previous agreement with the Metals Company (TMC) (NASDAQ:TMC), a Canada-based deep-sea mining outfit.

Keep reading...Show less

Latest Press Releases

Related News

×